October 26, 2024

IANS - New Delhi

The CBDT said in a circular that it has extended due date for furnishing return of income for the assessment year 2024-25 under the Income-tax Act, 1961 (the Act) to November 15.

“The CBDT has extended the due date of furnishing of Return of Income under sub-Section (1) of Section 139 of the Act for the Assessment Year 2024-25, which is 31st October 2024 in the case of assessees referred in clause (a) of Explanation 2 to sub-Section (1) of Section 139 of the Act, to 15th November 2024,” read the circular.

According to experts, this move will help corporates file their return with ease in the extended festive season this year. Taxpayers and professionals alike can prioritise accuracy and compliance without the stress of last-minute filings amidst celebrations, they mentioned.

As per a latest SBI report, with an increasing alignment with progressive taxation regime, contribution of direct taxes to total tax revenue reached 56.7 per cent in AY24 (54.6 per cent in AY23) — the highest in 14 years.

The taxpayers and tax professionals made their compliances in time, leading to a surge in filing of ITRs.

The total number of ITRs for AY 2024-25 filed till July 31, 2024 was more than 7.28 crore, which was 7.5 per cent more than the total ITRs for AY 2023-24 (6.77 crore) filed till July 31, 2023.

According to the government, an increasing number of taxpayers have opted for the new tax regime this year. Out of the total ITRs, 5.27 crore were filed in the new tax regime compared to 2.01 crore ITRs filed in the old tax regime.

Thus, about 72 per cent of taxpayers opted for the new tax regime, while 28 per cent continued to be in the old tax regime.

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